Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gimme Gimme Inc. reports sales of $532,000 in the accounting period with variable cost making up 70% of all costs. Fixed costs consist of rent
Gimme Gimme Inc. reports sales of $532,000 in the accounting period with variable cost making up 70% of all costs. Fixed costs consist of rent costs of $12,800, management salaries of $37,400, and selling & administration expenses of $23,600. What operating margin percentage would Gimme Gimme report? Answer as a percentage (no symbol), rounded to 2 decimals places
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started